EFTA01378899

Target Strategy Allocation and Returns Urban Development / Redevelopment Suburban / SF Rental 'Original Use' Acquisition Covered Land / Re-Entitlement Total Fund Target Allocation Target Gross IRR* (Before tax benefit) Target Gross Multiple* (Before tax benefit) Target LTC Target Time Horizon 40% 40% 10% 10% 100% 13 - 15% 11 — 13% 11 — 13% 14 — 16% 13-14% Gross 9-11% Net > 3.0x > 2.5x > 2.5x > 3.5x 3.0x Gross 2.5x Net 55 — 65% 55 — 65% 60 - 70% 30 - 40% 50 — 65% 10+ years 10+ years 10+ years 10+ years 12 years Under these assumptions, Opp Zone Tax benefits may add 3.1% to 4.5% to after-tax IRR; however, this will depend on individual investor circumstances (e.g. timing of deferrals)** 'Target returns for each strategy above are after leverage and 1v partner promote but before fund-level expenses and fees (including fund-level promote). Total fund returns are shown at Gross level before fund expenses, fees and promote, and Net level after all fund expenses, fees and promote. Actual allocations and returns may vary materially from targets. Investor implied after-tax returns including the tax benefit are not shown due to further necessary guidance on tax treatment and certain other aspects of Opp Zone regulation. Individual asset targets may differ materially from the ranges shown here. •• Recipients are urged to consult their own accountants for tax advice. 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076174 CONFIDENTIAL SDNY_GAt 00222358 EFTA01378899